Ethereum Price Drop Reach $3,494 as Institutional Demand Dey
Ethereum price don pull back from e recent high wey near $3,860 because people dey take profit. But institutional buying by SharpLink Gaming and BitMine Immersion—wey get over 660,000 ETH join—still dey support market well well.
Technical indicators show say one important support dey for 38.2% Fibonacci retracement wey near $3,494. If e bounce there, e fit push Ethereum price go $4,094. But if e break down, e fit drop go $3,381 (50% retracement) or $3,234 (20-day EMA).
For four-hour chart, the flat 20-day EMA and neutral RSI show say bulls and bears dey balance. Traders need make price close pass $3,860 to make rally start again go $4,000. But if e break below 50-day SMA near $3,477, e fit mean bearish momentum don start.
Crypto traders suppose dey watch these support levels and how market dey. If institutions keep dey buy, e fit keep Ethereum price in better position for short and long term.
Bullish
For short term, di pullback go to 38.2% Fibonacci retracement at $3,494 dey test key support, we fit attract institutional and retail traders wey sabi buy for cheap, e go help Ethereum price momentum. Di flat 20-day EMA and neutral RSI show say market balanced, if e break clean pass $3,860, e fit carry new buyers comot go $4,000. But if e no hold the support around $3,494 plus di 50-day SMA at $3,477, e fit open door for deeper corrections. However, big institutional accumulation like di one SharpLink Gaming plus BitMine Immersion wey get together 660,000 ETH, dey support long-term bullish feeling. History show say large demand like this dey always show before strong rally, so overall outlook for Ethereum price na bullish.